Synthetic Bitcoin Report – May 21

This report presents the daily trading premium to NAV and Bitcoin equivalent volume for any exchange listed investment securities that track Bitcoin. The report will analyse GBTC (the OTC Markets listing of the Bitcoin Investment Trust), and XBT ( an ETN listed on the Nasdaq OMX Nordic).

Volume held steady overnight for GBTC at 486 XBT. The premium continued it’s climb upwards another 10% to 35%.

The premium on XBT continues to stay in a tight range. Volume declined again to 455 XBT. It seems that GBTC and XBT have found a baseline level of trading volume. Close to 1,000 XBT per day is being traded on these Bitcoin investment products. That makes them more liquid than most spot exchanges globally.